Mumbai News : Rekha Jhunjhunwala acquires adjacent building for Rs 118 crore to preserve sea view

Rekha Jhunjhunwala, the widow of the late billionaire stock investor Rakesh Jhunjhunwala, has made headlines by purchasing nearly all units in a neighboring building to safeguard the breathtaking sea view from her Malabar Hill residence. 

Recognizing the potential obstruction posed by redevelopment projects in the area, Jhunjhunwala acquired every unit of the old building, investing a total of Rs 118 crore through multiple entities since November 2023. 

It’s reported that the family has acquired more than 19 of the 24 apartments in the building, ensuring the preservation of their prized vista.

The move comes amidst a surge in redevelopment activities along the sea-facing Walkeshwar, driven by developers catering to the affluent demographic of South Mumbai. 

Notable transactions, including those by Lodha Malabar, have set new benchmarks in the luxury real estate market over the past 18 months. Industrialist JP Taparia of Famy Care made headlines with India’s most expensive apartment deal, securing a triplex for INR 369 crore.

While the redevelopment wave sweeps through the area, brokers indicate that Shapoorji Pallonji has temporarily halted its cluster redevelopment strategy, awaiting clarity on the status of Rockside CHS under its latest majority owner.